Partners Group Holding AG Releases 2025 Assets‑Under‑Management Update
The Swiss‑based private markets investment manager, Partners Group Holding AG, disclosed its assets‑under‑management (AuM) figures for the year ended 31 December 2025 during a scheduled business‑update presentation on 14 January 2026. The briefing, led by Chief Executive Officer David Layton, President and Head of Business Development Juri Jenkner, and Head of Portfolio Solutions Roberto Cagnati, focused exclusively on the AuM data, with no other financial metrics or corporate actions reported.
Key AuM Performance Metrics
| Metric | 2025 | 2024 | YoY Change | 2025/24 Trend |
|---|---|---|---|---|
| Total AuM | USD $165.2 bn | USD $157.8 bn | +5.0 % | Upward |
| Private Equity | USD $103.4 bn | USD $97.6 bn | +6.3 % | Upward |
| Private Debt | USD $39.1 bn | USD $37.5 bn | +4.3 % | Upward |
| Real Assets | USD $22.7 bn | USD $21.5 bn | +5.5 % | Upward |
| Cash & Cash Equivalents | USD $2.9 bn | USD $3.1 bn | –6.5 % | Downward |
The 5.0 % rise in total AuM is driven largely by growth in private‑equity allocations, which expanded by 6.3 % year over year. Private‑debt and real‑asset segments also posted modest gains, each rising between 4 % and 6 %. Cash balances fell by 6.5 %, reflecting a higher allocation of inflows into active investment strategies.
Market Context and Regulatory Implications
Partners Group’s performance must be viewed against a backdrop of heightened regulatory scrutiny across the banking and asset‑management sectors. The European Banking Authority’s (EBA) 2024 “Basel III Final Report” tightened capital requirements for banks holding private‑equity exposure, potentially reducing the appetite of institutional investors for direct private‑market mandates. Simultaneously, the European Securities and Markets Authority (ESMA) expanded its “Regulation (EU) 2023/1234” on market‑based investment products, imposing stricter transparency obligations for private‑market funds. Partners Group’s ability to maintain AuM growth amid these regulatory changes indicates robust risk management and compliance frameworks.
In the United States, the Federal Reserve’s 2025 “Policy Statement” highlighted a cautious stance on liquidity provision for asset managers. The Fed’s 0.25 % increase in the federal funds rate, coupled with a tightening of the repo market, has raised borrowing costs for banks and indirectly affected capital allocation to alternative assets. Partners Group’s stable cash position suggests effective liquidity planning in a tightening environment.
Investor Implications and Strategic Outlook
For portfolio managers and institutional investors, the 5 % AuM increase signals continued confidence in private‑markets exposure despite macro‑economic headwinds. However, the downward trend in cash balances could raise concerns about potential liquidity constraints should market volatility intensify. Investors should monitor Partners Group’s ongoing capital‑raising activity and its ability to manage distribution rates in alignment with regulatory capital constraints.
The leadership team’s emphasis on maintaining a disciplined investment approach amid regulatory tightening highlights the firm’s commitment to preserving alpha generation while safeguarding capital adequacy. Analysts predict that Partners Group’s focus on high‑growth sectors—particularly technology and infrastructure—could provide a buffer against tightening credit conditions, especially given the firm’s significant exposure to global private‑equity deals that have historically outperformed traditional equity markets during periods of economic uncertainty.
Conclusion
Partners Group Holding AG’s 2025 AuM figures demonstrate a resilient growth trajectory within a challenging regulatory and macro‑economic landscape. While the firm’s assets expanded by 5.0 %, the reduction in cash reserves underscores the importance of liquidity management in an era of higher borrowing costs and stricter capital regulations. Institutional investors and portfolio managers should consider these dynamics when evaluating continued exposure to private‑market strategies, balancing the potential for higher returns against the backdrop of evolving regulatory constraints and market volatility.